证券日报网讯9月4日晚间，湘财股份（600095）发布公告称，公司控股股东的一致行动人衢州发展 （600208）于2025年9月3日办理了解除质押业务，本次解除质押25，000，000股，占其所持股份比例 5.38%，占公司总股本比例0.87%。 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - Various types of funds are entering the market, with insurance increasing stock allocation and public fund issuance/net subscriptions showing signs of recovery. The trend of residents "moving deposits" may have just begun [1][14] - The A-share liquidity index has shown a rapid increase, correlating highly with the median rise of brokerage stocks. Historical data indicates that significant increases in the liquidity index often precede or coincide with strong performance in brokerage stocks [2][41] - The brokerage industry is expected to achieve a profit growth rate of approximately 48% in the first half of 2025, with specific recommendations for undervalued and high ROE brokerage firms [3][48] Summary by Sections Current Fund Inflows - Since September 24, 2024, regulatory policies have encouraged various funds to enter the market, particularly focusing on long-term capital [14][15] - Insurance funds have shown stable premium growth, with stock allocation increasing to 8.5% as of Q2 2025, up 1.7 percentage points from Q2 2024 [21][1] - Public funds are experiencing a recovery in both issuance and net subscriptions, with a notable increase in active equity fund subscriptions [23][1] - A new cycle of residents "moving deposits" has begun, with the total market capitalization to resident deposits ratio at a low of 0.59, indicating potential for further inflows [26][1] Market Liquidity and Brokerage Stocks - The average daily trading volume and margin financing balance have reached historically high levels, indicating improved market liquidity [34][41] - The maximum turnover rate of the Wind All A index has historically aligned with peaks in brokerage stock performance, suggesting a potential indicator for market tops [35][41] - The A-share liquidity index has shown significant increases during previous bullish phases, with a 74% rise in brokerage stocks since the market transition on July 10, 2024 [2][41] Investment Recommendations - The brokerage sector is projected to see a profit growth of around 48% in 2025, with specific recommendations for leading brokerage firms that are undervalued and have high ROE [3][48] - The report suggests focusing on firms like Guotai Junan, Huatai Securities, and others that are expected to benefit from market conditions and potential mergers [3][48] - The report highlights a calendar effect where brokerage stocks typically exhibit excess returns from July to November, influenced by policy discussions and financial performance reviews [52][41]

| | | | | | | | | | | | 剩余被质 | 剩余被 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 质押股 | | | 份数 | | 占其所持 | 占公司总 | | | | | 持股 | | | 剩余被质押 | 押股 | | | 股东 | 本次解质股 | | | | | | | | | | | | 份数 | | 量 | | | | | | | | | | | | | | | | | 股份比例 | 股本比例 | | 解质时间 | | 持股数量（股） | | | 比例 | | 股份数 | | | 量 | 量占其所 | | | | | | | | | | | | | | 名称 | 份（股） | | | | | | | | | | | 占公 | | | 司 | | | | | | | | | | | | | | | | | （%） | （%） | | | | | （%） | | （股） | | 持股份比 | | | | ...

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-055 湘财股份有限公司 关于控股股东之一致行动人股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 湘财股份有限公司（以下简称"公司"）控股股东的一致行动人衢州信 安发展股份有限公司（以下简称"衢州发展"）持有公司股份 464,427,406 股， 占公司总股本的 16.24%，本次解除质押后衢州发展累计质押股份数量为 384,400,000 股，占其持股数量的 82.77%，占公司总股本的 13.44%。 衢州发展及其一致行动人合计持有公司股份 1,154,282,767 股，占公司 总股本的 40.37%，本次解除质押后衢州发展及其一致行动人累计质押股份数量 为 1,074,191,893 股，占其持股数量的 93.06%，占公司总股本的 37.57%。 一、本次股份解除质押基本情况 注：因四舍五入原因导致数据在尾数上略有差异。 本次解除质押的股份后续如有质押情形，公司将根据相关法律法规要求及时 1 履行信息披露义务。 二 ...

证券之星消息，9月3日证券板块较上一交易日下跌3.45%，太平洋领跌。当日上证指数报收于3813.56， 下跌1.16%。深证成指报收于12472.0，下跌0.65%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 660109 | 太平洋 | 4.35 | -8.03% | 1071.82万 | | 48.62 Z | | 002670 | 国盛金控 | 65'81 | -7.10% | 98.65万 | | 18.73亿 | | 650105 | 信达证券 | 18.57 | -6.73% | 88.96万 | | 17.14亿 | | 600095 | 湘财股份 | 11.35 | -6.58% | 87.72万 | | 10.25 亿 | | 601696 | 中银证券 | 15.00 | -6.19% | 136.21万 | | 20.77亿 | | 000750 | 国海证券 | 4.38 | -5.19% | 214.73万 | | 9.6 ...

中银证券跌超5%，湘财股份、东方财富跌超3%，锦龙股份、长江证券、天风证券、华西证券等跟跌。 (本文来自第一财经) ...

Core Viewpoint - The securities industry is experiencing mixed performance, with significant growth in the ETF sector, particularly the broker ETF, which has seen substantial inflows and a notable increase in net asset value and share count [1][2][6]. Group 1: ETF Performance - As of September 1, the broker ETF has achieved a net value increase of 61.10% over the past year [2]. - The broker ETF's latest scale reached 31.265 billion, marking a one-year high, and its share count reached 49.801 billion, also a one-year high [1]. - The ETF has seen a daily average net inflow of 248 million over the past three days, with a peak single-day inflow of 462 million [1]. Group 2: Market Dynamics - Major brokerage firms have outperformed the industry average in profit growth, with top firms showing a net profit growth rate of 37% for the first half of the year, surpassing the overall growth rate of 31% for listed brokerages [2]. - The market has seen a significant increase in daily trading volume and margin financing balances since July, enhancing the profitability outlook for the year [2][3]. Group 3: Investment Strategy - Analysts suggest focusing on high-quality brokerages with valuations significantly below the average, as well as those with strong performance potential among smaller firms [2]. - The broker ETF provides an efficient investment tool that encompasses both leading brokerages and smaller firms with high growth potential, with nearly 60% of its holdings concentrated in the top ten brokerages [6].

证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 资本市场持续回暖，上半年扣非净利润同比 +51%，上调全年盈利预测——证券行业 2025 年中报总结 增持（维持） [Table_Tag] [Table_Summary] 投资要点:2025H1 日均股基交易额 15703 亿元，同比增长 63%。IPO 持续 收紧，再融资边际好转，债券发行规模稳中有增。权益市场波动上行，同 比大幅改善；债券市场表现较弱。2025 年已披露业绩的 50 家上市券商净 利润同比增长 64%，扣非后净利润同比增长 51%；第二季度净利润同比 增长 50%，环比增长 20%（扣非）。上调全年盈利预测，预计行业净利润 同比+32%。目前券商股估值合理，考虑到行业发展政策积极，我们认为 大型券商优势仍显著，推荐中信证券、中国银河、中金公司、广发证券、 华泰证券、国泰海通、东方证券。同时推荐弹性较高的互联网金融东方财 富、指南针、湘财股份等。 ◼ 费类业务几乎全线增长，自营弹性巨大。1）经纪佣金大幅增长。2025 年 上半年上市券商经纪业务收入合计 592 亿元，同比+47%；代销金融产 品收入 56 亿元，同比+30%，占经纪收入 ...

Core Viewpoint - Xiangcai Co., Ltd. (600095) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 1.144 billion yuan, a year-on-year increase of 4.63% [1]. - The net profit attributable to shareholders was 142 million yuan, reflecting a substantial year-on-year growth of 93.12% [1]. - In Q2 2025, the operating revenue was 523 million yuan, up 3.69% year-on-year, while the net profit attributable to shareholders was approximately 92.45 million yuan, soaring by 634.23% [1]. - The gross profit margin increased by 324.77% to 4.94%, and the net profit margin rose by 201.06% to 68.06% [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 627 million yuan, accounting for 54.76% of revenue, which is a decrease of 3.32% year-on-year [1]. - The company reported a significant improvement in operating cash flow, with cash flow per share increasing by 52.66% to 0.67 yuan [1]. Asset and Liability Management - Cash and cash equivalents stood at 13.993 billion yuan, a 38.66% increase year-on-year [1]. - Accounts receivable rose to 1.309 billion yuan, up 17.11% from the previous year [1]. - Interest-bearing liabilities decreased significantly by 37.71% to 4.349 billion yuan [1]. Investment Returns - The company's return on invested capital (ROIC) was reported at 0.57%, indicating weak capital returns, with a historical median ROIC of 2.4% over the past decade [1]. - The net profit margin for the previous year was 24.17%, suggesting high value-added products or services [2]. Market Sentiment - Analysts expect the company's performance for 2025 to reach 346 million yuan, with an average earnings per share forecast of 0.12 yuan [2]. - The largest fund holding in Xiangcai Co., Ltd. is the Manulife Stable Mixed Fund, which has recently entered the top ten holdings [3].

召开地点：杭州市西湖区西溪路 128 号新湖商务大厦 7 楼湘财股份有限公司 会议室 证券代码：600095 证券简称：湘财股份 公告编号：临 2025-053 湘财股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开的日期时间：2025 年 9 月 15 日 14 点 30 分 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上 ...